|Create a checklist to build your commercial real estate business|
In the commercial property market today as an agent you need to understand the impact and activities of your brokerage competitors within your property type and your location. Some of those competitors will be better than others when it comes to market share and marketing ability.
When you completely understand the competition around you, you can take steps to improve your relevancy as a top agent. You can then adjust your business plan and marketing activities to attract better listings and retain clients more effectively.
Many agents and brokers will win more property listings due to their prevailing market share and market dominance. The qualities of listings that they take to market will also have a compounding effect for new business generation. When you have a quality listing that you take to the market, it is noticed by local property investors, buyers, tenants, and property developers. It is a fact that top agents today get noticed. Listing quality is a precursor to market dominance.
So here is a checklist to help you identify the competitors in your local area and particularly with commercial real estate:
1. On a weekly basis make it a priority to travel through the streets of your sales and leasing territory understanding and tracking the numbers of listings and the time on market in each case. Some listings will stay on the market for long periods of time. There will be reasons for that delay; those reasons are worth investigating. Judge and assess the listing facts associated with extended time on market. There is no point in repeating the errors of other agents in your marketing campaigns and with your client’s properties.
2. Assess the number of signboards across the region and with each brokerage. Compare your signboards in quality and size to those of your competitors. Identify the signage dominance that each brokerage may have within a segment of the industry. Split the numbers of signboards into open listings and exclusive listings. Top agents will usually have far more exclusive listings, and they will convert those listings to successful transactions in a shorter period of time. Many top agents will not take on or market open listings; that logic is acceptable and worth remembering.
3. On a weekly basis review the numbers of listings in your territory that are advertised across the Internet industry portals. Differentiate between openly listed properties and exclusive listings. Also differentiate with those exclusive listings that are premium placements on the industry portals. In tracking these numbers you can show your clients the relevance of exclusivity and premium placement.
4. Understand the different methods of sale and lease that are being used by other top industry brokerages and agents in your town or city. Look at the success rates in each case. Identify the reasons for those successes and any potential replication that can occur with your methods of sale and lease.
5. Assess the other listings held by your competitors on a quality basis. Your soon see the local agents that are attracting the better listings. Understand the reasons for that attraction to see if you can improve your prospecting efforts with higher quality listings.
So the facts here are very clear; information regards local property activity will help you adjust your prospecting efforts and marketing campaigns. Information regards the local property market and the activities of other agents will help you greatly to move ahead faster with better listing stock.